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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: India central bank cuts interest rates AFP - 45 minutes ago MUMBAI (AFP) - - India's central bank slashed its two key short-term interest rates Friday in a bid to kickstart the domestic economy hit by the global financial turmoil. The Reserve Bank of India (RBI) reduced its repo rate -- the short term rate at which it lends to commercial banks -- by 100 basis points to 5.5 percent. It also slashed the reverse repo rate --- the rate at which it borrows overnight -- to four percent, bank authorities announced. The bank also unveiled a cut in the cash reserve ratio, the proportion of deposits domestic banks have to keep with the RBI, by 50 basis points to five percent from January 17. "These measures will make the new year happier," national planning official Montek Singh Aluwalia said in New Delhi, unveiling a parallel package to stimulate the Indian economy. Experts said the easing of the rates was likely to inject around 4.1 billion dollars into the domestic banking system. The rate cuts were the fourth by the bank in less than three months. India's economy has been hit by the global recession and confidence has been undermined further by the November 26 attacks in the financial capital Mumbai that left 172 people dead, including nine gunmen. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy India unveils second economic stimulus planAFP - 38 minutes ago India central bank cuts interest ratesAFP - 45 minutes ago India's Tata Motors Dec sales almost halve on yearReuters - 1 hour 43 minutes ago India announces new stimulus plan to boost economyAP - 2 hours 4 minutes ago Related Articles: Business Satyam founders' stake falls to 5.1 pct from 8.3Reuters - 20 minutes ago SNAPSHOT - Financial Crisis - 1530 GMTReuters - 23 minutes ago 9 Muslim passengers kicked off flight after remarkAP - 25 minutes ago Ukraine pleads gas case to EuropeAP - 26 minutes ago Brazil: Foreign reserves hit highAP - 32 minutes ago Enlarge Photo India central bank cuts interest rates Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed Rare Bugatti untouched for 50 years could fetch millions: report NASA describes final moments of Columbia tragedy Actress Jennifer Aniston appears naked in GQ magazine Hamas defiant as Israel rejects Gaza truce Japanese tourist spends 3 months in Mexico City airport View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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